So far, she noted, that scenario hasn’t materialized.
For now, mortgage rates are hovering at around 7.1%, down nearly a full percentage point from mid-October. “We’re probably at an inflection point where rates have come down enough that more buyers are coming back into the marketplace, and prices have certainly not gone up,” Cohn said. “And they’re not going to go up until next year because we’re in the holiday season.”
“There’s very little about it that is static”
On the CRE side, a different mood entirely. A former loan portfolio manager, Eltorai described how the stressful nature of the industry in normal times now has been exacerbated by challenging market conditions.
“Portfolio management is a challenging business,” he said. “It’s a meritocratic industry where good ideas and excellent execution are rewarded but bad ideas and bad execution are effectively punished by the market. It’s something that is highly competitive, and really attracts a lot of curious minds and hard-working individuals. There’s very little about it that is static.”
Heightened anxiety is reflected in the latest survey of CRE professionals, he said: “The market we’re in as well as the operating environment is challenging and possibly even more challenging than before,” Eltorai said.
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